Open offer for Satyam to start on Jun 12: Mahindra

Published: Wednesday, April 22, 2009, 18:17 [IST]

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Bangalore, Apr 22: Tech Mahindra which had acquired 31 pc stake in fraud hit Satyam Computers said that its Rs 1,154.66-crore open offer for an additional 20 pc stake in Satyam will begin on Jun 12 and close on Jul 1, 2009.

"The acquirer (Tech Mahindra) proposes to acquire 19.90 crore shares of the target company (Satyam) representing 20 per cent of the fully diluted share capital of the company at a price of Rs 58 a share," Tech Mahindra said in a public announcement made to shareholders of Satyam.

The maximum consideration payable under the open offer is Rs 1,154.66 crore. Once the offer is completed successfully Tech Mahindra's holding in Satyam would go up to 51 pc.